[单项选择]Velma and Daphne Productions is estimating the weighted average cost of capital (WACC). They have several pieces of data to consider. The firm pays 60 percent of its earnings out in dividends. The return on equity (ROE) is 16 percent. Last year’s earnings were $4.00 per share and the dividend was just paid to shareholders. The current price of shares is $35.00. If the firm must issue new shares of common stock, they must pay a flotation cost to the investment bankers of 6 percent. The firm’s optimal capital structure includes 10 percent preferred stock, 40 percent debt and 50 percent equity. They can sell additional bonds at a rate of 9 percent. The cost of issuing new preferred stock is 13 percent. The firm’s marginal tax rate is 40 percent. The cost of issuing retained earnings and new common shares is closest to : Cost of retained earnings Cost of new common stock（　）①A. 13.3% 13.7% ②B. 13.7% 14.2% ③C. 13.3% 14.2%
A. ①
B. ②
C. ③

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Reference Number: (2)______
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[单项选择]Estimating schedule activity costs involves developing an （69） of the costs of the resources needed to complete each schedule activity. Cost estimating includes identifying and considering various costing alternatives. For example, in most application areas, additional work during a design phase is widely held to have the potential for reducing the cost of the execution phase and product operations. The cost estimating process considers whether the expected savings can offset the cost of the additional design work. Cost estimates are generally expressed in units of （70） to facilitate comparisons both within and across projects. The （71） describes the business need, justification, requirements, and current boundaries for the project. It provides important information about project requirements that is considered during cost estimating.
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[单项选择]Analogous estimating ______ .
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[单项选择]An analyst is estimating the cost of capital for her firm. She has estimated the before-tax costs of the current sources of capital to be 8 percent of debt and 9 percent for equity, If the firm’s marginal tax rate is 40 percent, the costs of debt and equity she could use in her calculation are closest to:（　）
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